Is Artificial Intelligence About To Change Doing Business Forever?

With our lives becoming datafied, and more and more aspects of our lives and work that generate vast amounts of data, it also becomes more predictable. From travel information to customer satisfaction and to how much money new movies will generate. Big Data offers great insights and quite often this is thanks to Artificial Intelligence (AI). AI has to do with the study and development of intelligent software and machines and it is a branch of computer science that is highly technical. The focus of this research is on creating software that can gather knowledge, reason, learn, plan intelligently, communicate, perceive and manipulate objects. The market for AI-based tools and applications is growing rapidly and according to a research document by the EU, the global market for AI is set to grow from € 700 million in 2013 to € 27 billion in 2015. Artificial Intelligence has many applications and advantages but also quite a few challenges.

The potential of Artificial Intelligence is enormous and in fact a 2013 study by Oxford University estimated that Artificial Intelligence could take over nearly half of all jobs in the United States in the near future. Artificial Intelligence’s most common application is about finding patterns in enormous quantities of data. This allows companies to automate and improve complex descriptive, predictive and prescriptive analytical tasks.